Quantcast

Joe Biden’s Endless River of Spending and Debt

(Reason) There are at least 11 trillion reasons to worry about what Joe Biden wants to do to our economy and freedoms.

He campaigned on a platform that The Washington Post called “more liberal than that of every past Democratic nominee.”

When Biden warned in the last presidential debate that we’re entering a “dark winter,” he was referring to COVID-19, but his own policies are most likely to keep us stuck at home and out of work.  

Biden is proposing $11 trillion in brand-new spending over the next decade. Among his biggest-ticket items are $1.4 trillion to expand Obamacare; $2 trillion for his version of the Green New Deal; $1 trillion in new Social Security and Supplemental Security Income spending; and 1.5 trillion more dollars for preschool, K-12, and higher education. 

He has also signed on to a $3.3 trillion stimulus spending plan pushed by House and Senate Democrats. 

That all comes after nearly $7 trillion in federal spending this past year, up from a then-record $4.4 trillion in 2019.

To pay for this new largess, Biden has laid out $3.6 trillion in tax hikes over the coming decade, resulting in what the Manhattan Institute’s Brian Riedl calls “the largest permanent tax increase since World War II.”

But Biden’s spending plan, as laid out in his campaign, is so out of control that it would still manage to increase the national debt by about $5.6 trillion by 2030, according to the Committee for a Responsible Federal Budget.

[Read more…]

TRENDING NOW

Funds Raised for Elderly Asian Woman Stabbed by Black Man with Lengthy Arrest History

(KPIX 5) The man arrested for an unprovoked stabbing attack on two elderly Asian women in San Francisco has a long history...

What Happens When Governments Force Corporate Boards to Appoint More Women

(Lipton Matthews, Mises Institute) A controversial new law in California requires publicly traded companies headquartered in the state to include at least one woman on their...

What the Fed DOESN’T Want You to Know About Inflation

(Stefan Gleason, Money Metals News Service) Is it a temporary blip… or the beginning of a long-term trend? That’s the key question facing...

Dubai Luxury Home Market Soars as World’s Rich Flee Pandemic

(Associated Press) After nearly three decades in London, Christophe Reech was fed up with the city's pandemic lockdowns. This spring, he sold...

Biden’s Families Plan Would Cause Negative Economic Growth, Analysis Shows

(Daily Caller News Foundation) President Joe Biden’s American Families Plan is more expensive than the White House said and would trigger negative...